List of the Best Banks in Canada for 2024, Most Reputable

TEMPO.CO, Jakarta - Choosing a bank is a personal decision influenced by various factors. From service quality to product offerings, Canadians have diverse preferences when selecting a financial institution to manage their money.

Tempo has compiled the list of the best banks in Canada in 2024, according to the Forbes Advisor findings.

List of the Best Banks in Canada for 2024

Forbes Advisor Canada ranked 19 nationally available banks based on a comprehensive evaluation of their product offerings, customer service quality, and interest rates.

1. Motusbank (5.0/5.0)

Named "Best Overall Bank" by Forbes, the Best Bank in Canada for 2024 offers amazing deals for customers.

Motusbank do not charge monthly or transactional fees for its customers. They can make unlimited transactions with free access to over 3,300 ATMs across Canada.

Not to mention, the customers will receive a 2.5% APY interest on all savings accounts. Mortgage and home equity lines of credit are also available if you use this bank service.

2. CIBC (4.8/5.0)

CIBC offers wide product selection which its contenders may not have. This Canadian bank boasts its credit card service.

Forbes listed it among Canadian banks with the best cash-back credit card, which is up to 10%. CIBC also has a full range of loans and mortgages.

Furthermore, this bank can be a good option for international students. CIBC offers three chequing accounts, with an additional option for students.

3. TD Bank (4.4/5.0)

Another Canadian bank that can be a good fit for students is TD. It offers fee-free banking to students who open an account.

In addition, TD Bank has some of the best credit card options and US dollar bank accounts. Not only the products, this bank is also confident about its customer service.

TD Bank claims that it has more branches available and is open longer on Saturday than any other Canadian bank.

4. BMO (4.4/5.0)

Fourth on this list is BMO. While it has a full selection of products, including chequing accounts, saving accounts, mortgages, and investments, the bank excels more on its bundling and special offers.

According to Forbes Advisor, new customer can get a variety of promotional offers worth $1,200. BMO also offers discounts and promotions for students, military families, new Canadian, and members of indigenous communities.

5. Manulife Bank (4.4/5.0)

For those who prefer the convenience of banking from home, this Canadian bank is an excellent option. Customers can easily manage their finances online or through the user-friendly Manulife mobile app.

It may not have as many product selection as the previous banks on this list, but the bank has several unique products worth noticing.

Manulife Bank offers an above-average interest on savings, as well as the possibility of free banking charges. Mortgages and personal loans are also available.

6. National Bank (4.4/5.0)

The National Bank provides four chequing accounts, high interest on savings, and eight credit cards to its customers. Headquartered in Montreal, the bank offers no-fee banking for students and seniors, as well as discounts for health care workers and certain professionals.

National Bank was also regarded as one of the first banks in Canada to make a First Home Saving Account (FHSA). With this plan, first-time homebuyers can save up to $40,000 tax-free when purchasing a house.

7. Scotia Bank (4.4/5.0)

Scotia Bank is dubbed as one of the best banks in Canada for 2024. It allows customers to open four chequing accounts, three saving accounts, and hold 13 different credit cards.

While it has over 900 branches across the country, you can enjoy its online services which include mobile banking, online banking, and telephone banking.

Fria Sumitro

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